Hungary appears to be working to doing what the world financial system is seeking to right its economic ship. I didn’t really se a whole lot of other news this weekend. The lack of news is probably good news, allowing some risk tolerance to creep back. Still, markets are in tenuous shape after last week’s swoon; expect markets to trade nervously today. There’s no real economic news out today.
June S&P: It’s a ‘cover breakout sales’ day, so a Buy day is anticipated. 1072.75 is first resistance, and 1080 is the first rally objective.
June NASDAQ: Another ‘cover breakout sales’ day, so a Buy day is anticipated. 1847 is first resistance, 1858 the first upside target.
Sept. T Bonds: Sell Short day. 123-22 is the first support, with 123-00 the first downside objective.
Sept. Yen: Sell day, holding under Fib retracement support at 1.0898 puts the pressure on.
Sept. Euro: Buy day, Friday’s low at 1.1966 is the reference price. 1.1993 is first resistance.
Sept. British Pound: Another ‘cover breakout sales’ day, so a Buy day is anticipated. The 1.4500 area is a pivot point this morning, 1.4581 is the first rally target.
Sept. Canadian Dollar: Buy day, Friday’s low at 9405 is the reference price. The 9450 area is a pivot point today, 9513 is the major rally objective.
August Gold: Sell day, there’s trend lien resistance at 1223.00. The 1210 area is the first support / downside target.
July Silver: Buy day, Friday’s low at 1728.5 is the reference price. Additionally, the 5/21 low at 17.41 is a reference price.
July Copper: An inability to regain the old 2010 low at 285.25 is worrisome both for copper and the economy. 279.35 is a near term pivot point, Friday’s low at 279.00 is the Buy day reference price.
July Sugar: It’s an ‘exit b.o. buys’ day, so a Sell Short day is anticipated. Watch Fib retracement support at 14.28.
July Coffee: It’s a ‘cover breakout sales’ day, Friday’s low at 133.40 is the reference price for a Buy day.
July Crude Oil: Buy day, Friday’s low at 70.79 is the reference price. Additionally, a Fib retracement level at 71.44 is a pivot point.
July Natural Gas: The uptrend finally ran out of gas; it broke some up trend lines last night. 4.597 is the first downside target.
July Soybeans: Buy day, Friday’s low at 931-4 is the reference price. The 940 area then 943-2 are upside targets.
July Wheat: It’s a ‘cover breakout sales’ day, Friday’s low at 435-2 is the reference price for a Buy day. Additionally, there’s trend line resistance at 438-6.
July Corn: It’s a ‘cover breakout sales’ day, Friday’s low at 339-6 is the reference price for a Buy day. That seems like a long way to go.
This is a sample of the analysis from my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.
The information contained here includes information from sources believed to be reliable and accurate, but no guarantee is made as to accuracy, nor do they purport to be complete. Opinions are subject to change without notice. Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
